Metoo 1982:

    C:\nokolisp
                                                    
    (ncompile (macroexpand '(let ((x 1)) (+ x 1)))) 
                                                    
    $09CB:$7188:   JMP  ??      ; see below         
    $09CB:$718B:   CALL $0ECD   ; CALL ONEARG       
    $09CB:$718E:   PUSH [$012C]                     
    $09CB:$7192:   MOV  [$012C],AX                  
    $09CB:$7195:   JMP  ??      ; see below         
    $09CB:$7198:   PUSH [STACKMARK]                 
    $09CB:$719C:   MOV  [STACKMARK],SP              
    $09CB:$71A0:   MOV  AX,[$012C]                  
    $09CB:$71A3:   CALL $0F1D   ; CALL NUMVAL       
    $09CB:$71A6:   MOV  BX,$01                      
    $09CB:$71A9:   ADD  AX,BX                       
    $09CB:$71AB:   CALL $05C9   ; CALL MAKNUM       
    $09CB:$71AE:   JMP  $2080                       
    $09CB:$7195:   JMP  $71B1                       
    $09CB:$71B1:   CALL $7198                       
    $09CB:$71B4:   POP  [$012C]                     
    $09CB:$71B8:   JMP  $1DA7                       
    $09CB:$7188:   JMP  $71BB                       
    $09CB:$71BB:   MOV  AX,$04  ; S-object 1        
    $09CB:$71BE:   CALL $718E                       
    $09CB:$71C1:   JMP  $1DA7                       
    (subru: eval=$7188, compile=$3B6F)

One pass, but corrects forward jumps afterwards.